Hey folks, I’m back with a promised update about the long-awaited Liquidity Provision feature (and by long-awaited I mean for a few weeks).
Here’s the deal — We’ve finished LP. It’s done. The feature has been developed and tested internally, and it’s ready to go.
We’re confident in our head dev and his (still small) team. However, with potentially millions of dollars going into this platform, we don’t want to just throw it out there, willy nilly.
So we’re in talks to get it audited ASAP by a third party.
When will that happen, and when will that be finished? According to head dev @MEMOLOGICAL_EXPEDITI, we’re hoping to run that this Wednesday or Thursday.
The first launch of LP will be a static daily payout of 2100 CLNY, distributed to all providers based on the ratio of how much they supply to the total amount supplied.
The aim is to get as close to an average of 50% APR as possible, calculated at a total value of about $5,000,000 based on the current price of CLNY. This will, of course, depend on how much is provided.
The payout of CLNY can be manually updated by the core team to keep up with drastic price changes, and in liquidity provision 2.0, the payout will be a dynamic number that updates itself.
At least for the beginning, this will be a CLNY<>ONE pool, which means you’ll need to provide equal parts CLNY and ONE token.
Anyway, those are all the updates for now. As soon as an expected release date is known, I’ll add to this post and announce it everywhere.
Note: Those of you debating whether to spend your CLNY on base upgrades first or provide liquidity first, that’s for you to decide. But, the release of LP is not going to be determined by you being unable to make the choice on your own.
I understand wanting to make the most profitable decision. But the impact of your choice, ultimately, won’t be that big or long lasting. The release of LP will be determined by whether the protocol is verifiably safe, above all else.